All Forum Posts by: Justin Oliver

Hi Krystal, 

Don't be discouraged. As a lot of people above have said, smaller populations sometimes take a little longer. I'm talking to you with my investor hat, and my broker hat on here...(I'm both!)

Consider freshening your pictures, they most certainly are not bad, but once the snow is gone, and the sun is out the place will look way more inviting. The rooms look really big, maybe even consider doing some digital staging? There are some incredible options that look really good (I use them sometimes in Million dollar homes for sale, especially on roof top decks in the winter....) and will help you sell the size of the place. 

I agree with making sure folks know the pet deposit is refundable, and I also support you removing the pet rent. My guess, looking at the community, is that many people have pets. Keep the audience as wide as possible. 

Can you stretch the coverage? Who is your market? Can you directly market to employers in the area, or even to companies in neighboring areas? Approach local schools and hospitals, and ask if you can post in staff rooms or common areas. 

The most important comment I have, is be careful about the tenant you finally choose. Sometimes, when it takes a little longer to find a tenant, it can be tempting to take the first one that comes along.... do your due diligence, and don't be afraid to say no. A bad tenant can cost you more than vacancy..

Get creative with your advertising, don't rely just on the internet, freshen the presentation, and make a smart choice about the tenant when they come along. Stay the course, and you'll be just fine. Best of luck!! 

J

Nick, 

I'm a broker based in Chicago, and I invest in the midwest. I'd be really happy to connect with you and discuss. I see more deals than I can buy for myself, or broker to my clients. There are a ton of places that fit the metrics you mention above. Illinois is a little tax heavy, but there are still good areas. I personally like Champaign and Urbana. Urbana is a little higher on the tax front, and the RLTO is a little more tenant friendly here, but there are great returns. I'm buying at under 50K, (Depending on condition and work needed, sometimes as low as $20K) and achieving $800 + per month in rent. Also, mostly 3/1 layouts. I also have an EXCELLENT property manager down there who takes care of everything for me, and an amazing contractor. I'd be really happy to connect you to both. Drop me a note, I'd love to connect and talk about everything, I'm happy to share what I know.... which ain't much compared to some folks on here...  

For me, it was the ability to structure and fund the deal. I kept looking at places and thinking "This is great" then looking in my bank and realizing it just wasn't going to happen, so I'd broker these to other investor clients.  BP introduced so many creative ideas for financing to me, that I never thought of!! I bought my first property with seller financing, just because I asked the question of the seller... Without some of the knowledge gained from BP I wouldn't have know how. 4 doors later, I still look at deals I'd like that are cash, and now try to raise private money for those ones (One of those four doors was bought with a private money partner, and as soon as the property seasons I'll get them paid off from the re-fi), but my network for this is still smaller... I'm trying to grow it. I've got my goals in place, and am working towards now, with this start in place. I need some more education and mentoring on scaling so I can grow my portfolio, and hit my goals. 

@Craig Wilcox Thank you for getting back to me, I'm just trying to get a feel for the area. I'm looking at the moment at Champaign, Urbana, Decatur and now Rockford. I'm set up with good management and contractor teams in Champaign, so thats my preference, but was interested in some of the potential prices and ROI I was finding in Rockford. If I come down in person to check it out in more detail, perhaps we could grab coffee? (Currently under contract on a purchase in Champaign with another in the pipeline, so might not be able to do anything until '19)

@Scott Dixon

Thank you I definitely appreciate that. I'll take you up on the offer for sure.  

Hi,

I'm currently pretty active in a couple of areas in southern Il, but interested to know if anyone has experience in the Rockford market. The prices look to be appealing. 

Thanks in advance, 

JO

Has anyone got experience of purchasing occupied property from Auction . com? There are a couple of places I like the look of, but no information on the resident. How can I find out if the property is occupied by a tenant or by the owner being foreclosed on? Is this going to present me a problem if I win the auction?

Thanks in advance for any insight. 

JO

Raleigh, They are sort of the same, although typically, rent to own will be a shorter period of financing with higher payments more in line with market rent,  and a balloon payment at the end. In my case, the seller financing was the seller effectively being the bank and holding a 20 yr note. This means my payments are still low, so I can cashflow the house. 

Ahh, good advice... not quite sure how to do that, broker in Chicago, by invest in Champaign, Urbana, Decatur, and Zion.... for now..... thanks for connecting!